Magic Software Enterprises (NASDAQ:MGIC) Upgraded by StockNews.com to “Strong-Buy” Rating

StockNews.com upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a strong-buy rating in a research note published on Thursday morning.

MGIC has been the subject of several other reports. William Blair cut shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Barclays lifted their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday.

Magic Software Enterprises Trading Down 1.9 %

Shares of MGIC opened at $13.72 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a 50 day simple moving average of $12.61 and a 200-day simple moving average of $11.85. Magic Software Enterprises has a 1-year low of $9.51 and a 1-year high of $14.04. The stock has a market cap of $673.64 million, a price-to-earnings ratio of 19.60 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The business had revenue of $142.58 million for the quarter, compared to analysts’ expectations of $137.00 million. Equities analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Several hedge funds and other institutional investors have recently bought and sold shares of MGIC. Man Group plc acquired a new position in shares of Magic Software Enterprises in the 4th quarter valued at $145,000. Millennium Management LLC boosted its holdings in shares of Magic Software Enterprises by 66.7% in the 4th quarter. Millennium Management LLC now owns 28,599 shares of the software maker’s stock valued at $344,000 after purchasing an additional 11,442 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Magic Software Enterprises by 45.5% in the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after purchasing an additional 5,878 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Magic Software Enterprises by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock valued at $2,896,000 after purchasing an additional 9,752 shares during the last quarter. Finally, Altshuler Shaham Ltd acquired a new position in shares of Magic Software Enterprises in the 4th quarter valued at $138,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.